Hi, I completed deed in lieu of foreclosure on my primary residence in Alab

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Hi, I completed deed in lieu of foreclosure on my primary residence in Alab

Hi, I completed deed in lieu of foreclosure on my primary residence in Alabama in 2010. Received 1099-A with outstanding principal 357,000, FMV 0.00 and box 5 personally liable checked "no". I have no idea what this means and my research has only confuse me more. What exactly am I looking at here? any help would be appreciated.

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Anonymous (not verified)
17-02-2011

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Hi guest, You are not liable for paying the deficient balance resulting from the sale of the property. The lender won't be able to come after you for recovering the deficient balance resulting from the sale of the property. Thanks

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jameshogg | Asked on 2011-11-27

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